SUNRISE, Fla., Sept. 05, 2018 (GLOBE NEWSWIRE) — Profile Solutions, Inc. (OTC Pink: PSIQ) announced today that Daszcal Bolton, LLP, an independent certified public accountant has completed the audit of PSIQ’s financial statements in accordance with Securities and Exchange Commission (“SEC”) Generally Accepted Accounting Principles (“GAAP”) and Jackson L. Morris, Esquire has been retained to prepare Form S-1 Registration Statement to be filed with the SEC. The objective is to become a fully reporting SEC Company subject to the filing requirements of Section 15(d) of the Securities Exchange Act of 1934. This action is fundamental to the Company’s efforts to demonstrate heightened transparency to its investors and bring the Company greater visibility and credibility before a substantially larger group of qualified investors.
The Company hopes to file Form S-1 during the 4th quarter of 2018.
PSIQ is planning to up-list to the OTCQB. In order to qualify for listing, PSIQ must (1) have audited annual financials by a PCAOB auditor (2) meet minimum bid price test of $0.01 per share (3) not be in bankruptcy (4) have at least 50 Beneficial Shareholders, each owning at least 100 shares and (5A) have a freely traded Public Float of at least 10% of the total issued and outstanding shares or (5B) have a freely traded Public Float of at least 5% and $2 million in market value of public float.
The Company hopes to file for listing on the OTCQB during the 1st quarter of 2019.
Dan Oran, CEO of PSIQ stated “We believe we’re developing a business model deserving a stronger presence in the financial markets. With consecutive strong revenue gains quarter-over-quarter and increasing market share, we are poised and ready to become a fully reporting SEC Company. Our continued growth, transparency by audit and registration of our securities with the SEC, sets the stage for significant opportunities.”
The OTCQB market contains a one penny ($0.01) bid price requirement “intended to remove companies that are most likely to be the subject of dilutive stock fraud schemes and promotions”. Each company verifies via an annual OTCQB Certification, signed by the company CEO or CFO, that their company information is current, including information about a company’s reporting status, company profile, information on management and boards, major shareholders, law firms, transfer agents, and IR / PR firms. Investor confidence improves when there is more information about a company’s ownership structure, professional advisors and service providers. This certification will be required for any security newly qualified to be publicly quoted by a broker-dealer under SEC Rule 15c2-11, or when a Pink traded company becomes a current SEC reporting company, beginning May 1, 2014. International Reporting companies are also allowed to upgrade from Pink to OTCQB if they publish their 12g3-2(b) compliant disclosure online and verify their company profile. There is an annual fee for the OTCQB market of $10,000 per year and a one-time $2,500 application fee.
About (“PCAOB”) Public Company Accounting Oversight Board
The Public Company Accounting Oversight Board (PCAOB) is a private-sector, nonprofit corporation created by the Sarbanes–Oxley Act of 2002 to oversee the audits of public companies and other issuers in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports.